London tops the list as the city with the most multimillionaires in the world,
according to a new update on the global ultra-wealthy.

It's a vibrant, multi-cultural melting pot: steeped in history and revered for its cultural heritage.

And London is also the city with the most multi-millionaires in the world, a new list of the global ultra-wealthy reveals.

The capital boasts 4,224 multi-millionaires, defined as individuals worth more than $30m (£19m) each, according to analysts Wealth Insight.

Tokyo is in second place with 3,525 multi-millionaires, followed by Singapore with 3,154. The US, the world’s biggest economy does not make an appearance until fourth place, with New York City and its 2,929 multi-millionaires.

Researchers said this “surprisingly low” figure was partly due to the fact that many wealthy New Yorkers live away from Manhattan in cities such as Greenwich, which has more than 350 multi-millionaires.

Likewise, America’s mere millionaires were more spread across its cities than in the UK. Manhattan was home to just 7pc of the country’s millionaires and Los Angeles to another 2pc, while London is home to 42pc of Britain’s rich.

Overall, the US boasts the most millionaires in the world - 5,231,000 in total - followed by Japan, Germany and China. The UK - with 675,000 - is fifth.

When it comes to billionaires, the pinnacle of the ultra-rich list, the running order changes again.

New York tops the list of the world’s top cities for billionaires, with 70, eclipsing Moscow with 64. London has 54, including Alisher Usmanov, who has made £13.3bn from mining and investment interests, steel magnate Lakshmi Mittal, worth £10bn, and Chelsea Football Club owner Roman Abramovich, whose fortune is estimated at £9.3bn.

As for mere millionaires - classed as having net assets of $1m, excluding their main home - London moved into third place, with 281,000, after New York City with 389,000 and Tokyo in prime position with 461,000 millionaires.

Moscow, Mumbai and Istanbul are all significantly higher on the billionaire list than on the millionaire rankings, researchers noted. That could reflect the greater difficulty of building a business in certain countries, which means that enterprises are more likely to stay in the hands of a few, said Oliver Williams, an analyst at Wealth Insight.

The ultra-rich are drawn to London by its status as a financial hub, convenient time zone and quality of life, among other factors, say estate agents. The trickle-down effect of their buying power has helped drive property prices in the capital to new highs.

The average London selling price has reached a record £374,568, after rising 9.4pc in the past year, according to Land Registry figures - small change for the ultra-rich.